For years the metaverse has been touted as the next big thing in the tech world. It has been envisioned as a massive virtual space where people can live, work and play. Companies are pouring billions into building the infrastructure to make this happen. Technology is slated to change how we interact on the internet – similar to how the web went from being an elitist stomping ground for gaming companies and early adopters to an essential part of everyday life.
However, the hype around this futuristic platform is dying out. Even though Meta’s senior exec says the metaverse is not dead, some people are beginning to question whether the technology will take off.
The metaverse might be smaller than some have hoped because the technology has been highly buggy and frustrating for consumers to use. The headsets are often glitchy and hard to navigate. Moreover, many of these headsets require an expensive computer to run, which many consumers need access to. Despite these issues, the company is not giving up on its vision.
Meta’s latest rebranding shows the company has shifted its focus from the metaverse to artificial intelligence. Its CEO has emphasized the importance of generative AI, which is the process of creating digital content through machine learning. During a recent earnings call, the company also said it was experimenting with new ways to create content and personalization on Facebook and Instagram.
During the conference, Meta’s chief product officer Vishal Shah spoke about how the metaverse may be overhyped. He claimed that the company has been in a “hype cycle” that attracted many investors because it promised to revolutionize how we work and play. He added that the company has learned a lot from its experiments and will continue to invest in its infrastructure, which he believes is still very promising.
According to the executive, Meta aims to develop immersive experiences for businesses and consumers, enabling them to conduct training sessions, host meetings with remote workers, or even create products in a virtual environment. In addition, he believes that the metaverse will make it possible for customers to try out clothes or furniture before making a purchase. He has also argued that the metaverse could allow consumers to purchase goods directly from brands instead of traditional retailers.
In the long term, the metaverse will be one of the most significant changes to how we do business in our lifetime. But he admits that the technology will take some time to reach its full potential. This is mainly because most companies need more time to be ready for the platform. However, he does believe that it will eventually become mainstream. He adds that the success of the metaverse will depend on which companies will be able to create headsets that are both affordable and easy to use.
